Toy giant Hasbro has announced layoffs of nearly 100 employees as part of a broader effort to streamline its operations. The Rhode Island-based company, known for iconic brands like Monopoly and Play-Doh, is also planning to relocate its headquarters to Boston. The move comes after a series of job cuts in recent years, with the workforce shrinking from 1,400 to 1,000 employees. Hasbro has emphasized a focus on digital, direct, and technology-assisted innovation as part of its restructuring.
The company’s revenue has been impacted, with a 15% decrease reported in the latest earnings call. However, Hasbro remains optimistic about its future, pointing to strong sales in gaming and licensing businesses like Dungeons & Dragons and Monopoly. CEO Chris P. Cocks highlighted the company’s improved margins and reduced inventories as promising signs for growth.
While the exact number of layoffs and timing remain uncertain, Hasbro’s shift towards a more efficient and innovative business model reflects broader industry trends. The company’s commitment to meeting consumer demand through digital platforms and new product offerings suggests a strategic pivot towards sustainable growth. As the toy industry continues to evolve, Hasbro’s adaptations and reorganizations position it well for future success.
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